At Budget 2020, the Chancellor announced that a ‘Coronavirus Business Interruption Loan Scheme’ (CBILS) will temporarily replace the Enterprise Finance Guarantee (EFG), becoming available over the coming weeks.
CBILS supports a wiide range of business finance products, including:
• Term facilities
• Overdrafts
• Invoice finance facilities
• Asset finance facilities
To be eligible for support via CBILS, the small business must:
• Be UK based, with turnover of no more than £41 million per annum
• Operate within an eligible industrial sector (a small number of industrial sectors are not eligible for support)
• Have a sound borrowing proposal, but insufficient security to meet a lender’s normal requirements
• Be able to confirm that they have not received de minimis State aid beyond €200,000 equivalent over the current and previous two fiscal years
For more information, visit: www.british-business-bank.co.uk